UAE accountants welcome new auditing law

Senior accounting and auditing bodies have welcomed a new federal law setting high standards for registered auditors in the UAE, saying that it will contribute to the country’s economic growth.

Sheikh Khalifa, President of the UAE, signed federal law No 12 of 2014 concerning the audit profession in December.

The law sets strict guidelines for the licensing of auditing firms and professionals, with would-be auditors obliged to hold at least a bachelor’s degree in accounting, or an equivalent qualification.

“In the past almost anyone could come and be an auditor,” said Salem El Esaye, the executive manager of the UAE Accountants and Auditors Association.

“It used to be that you could become an auditor if you had an engineering degree, now with the new law you need a degree in accounting. It’s now changing for the better.” Read more

 UAE Accountants and Auditors Association had declared that each auditor will be must go through professional training to keep on qualified. Authority has believe that it will surely help in economic growth of UAE and after appointing professional auditors by each firm, it will definitely help to  increase the fame of UAE auditing and accounting firms.